Atomberg Technologies, an Indian home appliances company, revealed last month that it had secured $86 million in a recent funding round. The funding was spearheaded by Temasek Capital, a Singapore-based global investment company, and Steadview Capital Management LLC, an asset manager with a focus on investments in India.
"With this funding, we plan to deepen our capabilities in manufacturing, expand our offline footprint and bring more products that enhance our customers’ lives every single day. With our recent foray into smart locks and our enhanced offering of smart fans, it is safe to say that the journey has just begun!," CEO Manoj Meena and COO Sibabrata Das said in a statement.
Founded in 2012, Atomberg said it was in the business of revolutionizing India's home appliances “by solving one problem at a time” and aimed “to build meaningful, scalable and impactful products for every Indian home.”
Singapore is a significant economic partner for India. In the financial year 2022, Singapore accounted for 27.3 percent of India’s overall trade with the ASEAN region, making it one of the country’s largest trade and investment partners in the region.
Singapore has also been one of India’s leading sources of foreign direct investment (FDI), contributing almost 23 percent of the total FDI inflows over the last two decades amounting to approximately$140.98 billion, according to the India Briefing.